As of June 30, 2023, L&T’s order book stood at Rs 4,13,000 crore.
L&T shares surged 1.5% on Thursday, reaching a new 52-week high of Rs 3,057, with trading volume increasing by more than 2.25 times on BSE. The stock is currently trading at Rs 3,021.45 per share, up 0.32% from its previous closing price of Rs 3,011.85 per share.
L&T Construction’s heavy civil infrastructure business unit has secured a major order from the Mumbai Metropolitan Region Development Authority (MMRDA) to design and construct an underground road tunnel project connecting Orange Gate, Eastern Freeway, and Marine Drive Coastal Road in Mumbai. The order is valued at Rs 7,000 crore.
The project scope includes designing and building two road tunnels using tunnel boring machines (TBMs) and connecting them to the existing elevated Eastern Freeway at Orange Gate and to Marine Drive. The tunnel alignment will primarily run under the Sardar Vallabhbhai Patel Road and is expected to be completed within 54 months.
This project marks a significant milestone for L&T Construction, showcasing the company’s capabilities in building faster and more reliable mass transit systems. It is also in alignment with L&T Construction’s strategic goals of expanding its presence in the infrastructure sector and becoming a global leader in the construction industry.
The project is expected to have a positive impact on the Mumbai metropolitan region, reducing traffic congestion, and enhancing connectivity between key areas of the city. Additionally, it will boost the local economy by creating jobs and stimulating demand for goods and services.
In summary, the L&T Construction-MMRDA underground road tunnel project represents a major development that will benefit the Mumbai metropolitan region and the Indian construction industry.
Larsen & Toubro (L&T) is a global engineering and construction company providing EPC solutions in key sectors. The company reported robust financial results for the first quarter of FY24, with net sales increasing by 33.55% and net profit increasing by 39%. As of June 30, 2023, L&T’s order book stands at Rs 4,13,000 crore.
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